Summit Financial LLC Purchases 101,206 Shares of AT&T Inc. (NYSE:T)

Summit Financial LLC increased its position in shares of AT&T Inc. (NYSE:T) by 69.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 246,712 shares of the technology company’s stock after acquiring an additional 101,206 shares during the period. Summit Financial LLC’s holdings in AT&T were worth $5,618,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of T. Legacy Investment Solutions LLC acquired a new position in shares of AT&T during the third quarter worth $25,000. Marshall Investment Management LLC bought a new position in AT&T during the 4th quarter worth $28,000. YANKCOM Partnership acquired a new position in AT&T during the 4th quarter worth about $30,000. Tradewinds Capital Management LLC grew its position in shares of AT&T by 48.6% in the 4th quarter. Tradewinds Capital Management LLC now owns 1,314 shares of the technology company’s stock valued at $30,000 after buying an additional 430 shares during the last quarter. Finally, Endeavor Private Wealth Inc. acquired a new stake in shares of AT&T in the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Performance

Shares of T opened at $28.20 on Monday. AT&T Inc. has a 52 week low of $15.94 and a 52 week high of $28.51. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66. The stock has a 50 day moving average price of $25.70 and a two-hundred day moving average price of $23.54. The firm has a market capitalization of $202.40 billion, a P/E ratio of 18.92, a P/E/G ratio of 3.00 and a beta of 0.56.

AT&T (NYSE:T) last announced its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. Equities analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 3.94%. AT&T’s dividend payout ratio (DPR) is presently 74.50%.

Wall Street Analyst Weigh In

Several analysts recently commented on T shares. Oppenheimer began coverage on AT&T in a report on Tuesday, December 10th. They issued an “outperform” rating and a $28.00 target price on the stock. Morgan Stanley upgraded shares of AT&T from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $19.00 to $28.00 in a research report on Monday, December 16th. The Goldman Sachs Group boosted their target price on shares of AT&T from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Sanford C. Bernstein increased their price target on AT&T from $28.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Finally, Citigroup boosted their price objective on AT&T from $26.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $26.79.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.